Fox Business Network Sues Treasury Department
Fox Business Network has filed a lawsuit against the U.S. Treasury Department for failing to provide information on the bailout funds or respond to the company's expedited requests filed under the Freedom of Information Act.
The initial request, filed Nov. 25, sought data on the use of the bailout funds for American International Group and the Bank of New York Mellon. Another request, filed on Dec. 1, sought similar data on the bailout funds for Citigroup.
FBN wanted the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program.
“The Treasury has repeatedly ignored our requests for information on how the government is allocating money to these troubled institutions," Kevin Magee, executive vice president of Fox News, said in a press release. "In a critical time like this amidst mounting corruptions and an economic crisis, we as a news organization feel it’s more important than ever to hold the government accountable.”
FNB filed a complaint in the Federal Court in New York, asking the Court to make the Treasury provide the information requested.
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